Question

Timeshare Points Rental Income

Forum|Forum|3 years ago
April 10, 2023
1 reply
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I received a 1099-Misc form from an Agent Company who rented out my timeshare points with a Florida based timeshare. The income I received was shown as Rents. How do I reflect this additional income on my tax return? Also may I deduct a certain amount of Maintenance fees that i pay every year for those points that I rented out?

Not A Product Question

DaveF1006

Yes, you will need to report this as rental income and then you can deduct the fees as part of the expense. Do not report this as a 1099 MISC under common income as this sometimes may generate a Schedule C, which may be against your best wishes.Instead go to;

In TurboTax, go to federal>wages and income>see all income>Rentals, Royalties, and Farm>Rental Properties and Royalties (Sch E)>
it will ask you for a profile regarding your timeshare. Enter as much information as you can.
This then should generate a rental summary after you enter this. Click on rental income and you will see a section for you to enter your 1099 MISC income.
After entering the income, there will be a place in the summary to enter your maintenance expense plus any other expenses you may have incurred.

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